Going Solar? Here’s What You Should Know

July 19, 2018

Summer is here! Which, luckily, means longer sunny days! With the extra sunshine to spare, going solar might be a good idea. And, if you are working towards debt relief, going solar can potentially save you some big bucks. Therefore, it is good to know the pros and cons of converting to solar power.

Going Solar – Is it For You?

Many homeowners are starting to make the conversion to solar power, which relies on the sun’s energy to generate power. This renewable energy is environmentally friendly and may save money over time. However, the initial investment can be quite expensive.

Homeowners can opt to convert fully to solar power, or only put part of their household on solar power. This depends on their budget, as well as local solar radiance (the amount of sunlight available in the area). This lowers a family’s carbon footprint, decreasing the greenhouse gases emitted by burning fossil fuels.

However, going solar requires an initial investment. According to energy sage, in 2018, most homeowners are paying between $2.71 and $3.57 per watt to install solar, and the average gross solar panel cost before tax credits is $18,840. Using the U.S, average for system size at 6 kW (6,000 watts), solar system costs will range from $11,380 to $14,990 (after tax credits). This is not cheap, especially if you are working towards eliminating credit card debt.

Is solar power for you? Look into your local government and utility incentives to see if they will offset the cost enough to make it worthwhile. It’s the right step for the environment, but could also pay off in your budget in the long run. If you’re looking for other ways to save the environment and some cash, see how using technology to save energy really works. Just a few small changes can truly impact your monthly bills and help you Go Green!

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Dilini is a Marking Communications & Programs Associate at ACCC. To anyone, managing finances can be a real challenge! Any tips and tricks to help get through this is great! Dilini will share her experiences, tips and tricks along the way through the Talking Cents blog. Stay tuned!

About Blog

Talking Cents was created by the staff of the nonprofit organization, American Consumer Credit Counseling (ACCC). Not satisfied with providing credit counseling, debt management, and financial education alone, these renegade employees took to the blogosphere in the hopes of helping not only their current clients, but the rest of the world at large to tackle more of the topics affecting people’s everyday financial lives.